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mommy2bella
Where does time go?
Member since 12/05 9747 total posts
Name:
Kelly
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Re: Being housepoor?
Posted by Stefanie
Kel...I know how you feel. I'm not working but Rob is (obviously). We put a bid in for a house a week ago and got it. We are signing the contract tomorrow and putting down 20,000 . I'm just sooo nervous about getting by. I know that I need to work, tutor or watch other people's kids...something to make some money.
I can't believe how fast things are going too!! It's scary...but now is the time to do it. It's a buyer's market!!!
CONGRATS  I am having a heart attack...
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Posted 11/2/06 1:53 PM  |
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Long Island Weddings
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Stefanie
♥
Member since 5/05 23599 total posts
Name:
Stefanie
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Re: Being housepoor?
Posted by mommy2bellabean
Posted by Stefanie
Kel...I know how you feel. I'm not working but Rob is (obviously). We put a bid in for a house a week ago and got it. We are signing the contract tomorrow and putting down 20,000. I'm just sooo nervous about getting by. I know that I need to work, tutor or watch other people's kids...something to make some money.
I can't believe how fast things are going too!! It's scary...but now is the time to do it. It's a buyer's market!!!
CONGRATS I am having a heart attack...
You and I both...
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| Posted 11/2/06 1:59 PM |
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Eleanor
LIF Adult
Member since 2/06 2223 total posts
Name:
Ellie
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Re: Being housepoor?
don't worry about pennypinching and your daughter just yet. They don't realize it when they are this young!
I know most people poo-poo the interest only loans, but do you think it's something that might be right for you? It's meant for people who work on commission or freelance - some months they can pay more (the principal), but some months they can't, so it works out.
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| Posted 11/2/06 2:01 PM |
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danielleandscott
My new 71 Super Beetle
Member since 5/05 13476 total posts
Name:
Scott
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Re: Being housepoor?
We still are able to travel, og out to dinner and do things that we did when we rented...we Just dont go crazy.
Scott
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| Posted 11/2/06 2:22 PM |
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mommy2bella
Where does time go?
Member since 12/05 9747 total posts
Name:
Kelly
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Re: Being housepoor?
Posted by danielleandscott
We still are able to travel, og out to dinner and do things that we did when we rented...we Just dont go crazy.
Scott
I know, it's just the whole job freelancing thing that scares me...if I knew I was getting paid what I am all year, I wouldn't have even given the offer a second thought...just a lot of pressure...I don't want to live th epenny-pinching lifestyle, I also don't want to rent for the rest of our lives!
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| Posted 11/2/06 2:25 PM |
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MrsFlatbread
Skinny jeans are in my future
Member since 6/06 10258 total posts
Name:
Baby Momma
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Re: Being housepoor?
Posted by danielleandscott
We still are able to travel, og out to dinner and do things that we did when we rented...we Just dont go crazy.
Scott
Exactly why we are still saving. I want a house that I love, that needs absolutley no work and still be able to do things. we have many friends that spent every penny that they had on their house and now cannot afford to even go out to dinner once a month. I would rather rent an apartment for the rest of our lives than do this.
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| Posted 11/2/06 2:27 PM |
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mtg1970
We love summer!
Member since 5/05 1063 total posts
Name:
Teresa
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Re: Being housepoor?
DH & I just bought our house in LB which is some bucks for us. We were able to buy a legal 2 which will help us hopefully with the mortgage. If you can manage putting down the required 20% your mortgage will be managable. I totally understand that buying on the island is mucho dinero and i have wondered how 1st time home buyers can afford a home. Owning a home is always the better bet than renting- from a tax perspective it is awesome. You will have to sit down and calculate all the possibilities and see if you can manage it- think long term..........
Good luck! 
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| Posted 11/2/06 2:28 PM |
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AimeeE2006
Time flies!
Member since 1/06 5698 total posts
Name:
Aimee
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Re: Being housepoor?
I think you are making a great decision. What if you didn't take this chance and you ended up finding a job after 6 months. YOu would probably kick yourself and regret not taking this plunge. Congrats on the accepted offer. 
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| Posted 11/2/06 2:29 PM |
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Beth
The Key to your new home....
Member since 2/06 24849 total posts
Name:
Beth
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Re: Being housepoor?
Posted by mommy2bellabean
I know, it's just the whole job freelancing thing that scares meQUOTE]
are you going to be 1099 instead of W2? b/c you will be able to write off so much- besides the house
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| Posted 11/2/06 2:30 PM |
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mommy2bella
Where does time go?
Member since 12/05 9747 total posts
Name:
Kelly
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Re: Being housepoor?
Posted by AimeeE2006
I think you are making a great decision. What if you didn't take this chance and you ended up finding a job after 6 months. YOu would probably kick yourself and regret not taking this plunge. Congrats on the accepted offer.
That's EXACTLY why I told my DH to go ahead. I would feel so bad if we did pass this up...it's a huge risk, but here we go
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| Posted 11/2/06 2:30 PM |
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mommy2bella
Where does time go?
Member since 12/05 9747 total posts
Name:
Kelly
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Re: Being housepoor?
Posted by Beth1210
Posted by mommy2bellabean
I know, it's just the whole job freelancing thing that scares me
are you going to be 1099 instead of W2? b/c you will be able to write off so much- besides the house
I wouldn't even know where to start with that...
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| Posted 11/2/06 2:31 PM |
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Blu-ize
Plan B is Now Plan A
Member since 7/05 32475 total posts
Name:
Susan
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Re: Being housepoor?
Posted by danielleandscott
We still are able to travel, og out to dinner and do things that we did when we rented...we Just dont go crazy.
Scott
Yep, us too and sometimes we do go crazy.
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| Posted 11/2/06 2:48 PM |
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MrsBlueSash
Love my sailor
Member since 6/05 5793 total posts
Name:
Christian
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Re: Being housepoor?
I think there a fine line in housepoor. Its ok to be poor because you want to be in that house, but if you don't have some sort of risk mitigation plan in case one of you is laid off, hurt, etc, and you could go into foreclosure because you are too housepoor, than I'm not sure that's worth it.
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| Posted 11/2/06 2:52 PM |
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Blu-ize
Plan B is Now Plan A
Member since 7/05 32475 total posts
Name:
Susan
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Re: Being housepoor?
Posted by mommy2bellabean
Posted by Beth1210
Posted by mommy2bellabean
I know, it's just the whole job freelancing thing that scares me
are you going to be 1099 instead of W2? b/c you will be able to write off so much- besides the house
I wouldn't even know where to start with that...
Don't even worry about that, if you itemize you can write off a ton of things. You will be fine!
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| Posted 11/2/06 2:57 PM |
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MommaG
Yay Spring!
Member since 5/05 5133 total posts
Name:
Gloria
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Re: Being housepoor?
I think everyone worries about this when they first buy a house. I know I did, especially because I bought it by myself and it was at the top of my budget. But somehow, the money was always there when I needed it, and I still managed to take great vacations, go out to nice restaurants and buy myself nice things. When I bought, I just thought to myself that I had to give it a try and what was the worst that could happen - I'd have to sell it. Luckily, it all worked out. You really have nothing to lose.
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| Posted 11/2/06 6:52 PM |
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Shroggie
Don't Worry...Be Happy
Member since 5/06 6261 total posts
Name:
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Re: Being housepoor?
It will all work out...Great decision...CONGRATS!!
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| Posted 11/2/06 6:56 PM |
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Re: Being housepoor?
Congrats! Things will work out for you- and the way I see it, you won't be house poor forever. Most people's salaries increase as you get older, so things will get easier. This is what I told myself when DH and I bought- we choose to not to max ourselves out (but we also left LI, so we didn't have to) but we still stressed about it for the first several months.
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| Posted 11/2/06 7:52 PM |
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Redhead
You Live, You Learn
Member since 5/05 31871 total posts
Name:
Jennifer
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Re: Being housepoor?
NO....i don' t think it is ever worth it to be housepoor
i can't live with that kind of stress
i would rather wait and save
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| Posted 11/2/06 8:00 PM |
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Diana1215
Living on a prayer!!!
Member since 10/05 29450 total posts
Name:
Diana
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Re: Being housepoor?
Congrats!!!
When we bought our house we weren't poor because I was working making well over 125K a year. Now that I quit that job - it is def. harder and I find that we are living more paycheck to paycheck. I personally think it's worth it. Instead of paying someone else's rent that money can be going to your own mortgage.
And this is how I look at it - I don't think anyone ever has ENOUGH money to buy a house, have kids, you always want to have more money - but you do the best with what you've got!! If it were up to me we'd have about 30K more in the bank before having a little baby - but that's not the case - so whatever will be will be! 
Can't wait to see pics!
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| Posted 11/2/06 8:23 PM |
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Moehick
Ready for the sun!
Member since 5/05 30339 total posts
Name:
Properly perfect™
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Re: Being housepoor?
Kelly! Congratulations on the 
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| Posted 11/2/06 9:33 PM |
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Kate07
Feel better my little guy!
Member since 5/05 4476 total posts
Name:
Kate
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Re: Being housepoor?
Posted by mommy2bellabean
So my DH put an offer in and we got it. I think I am going to throw up a little....
This is moving soooooo fast!
CONGRATS!!!!
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| Posted 11/2/06 10:20 PM |
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Faithx2
All good things in 2016!!
Member since 8/05 20181 total posts
Name:
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Re: Being housepoor?
You will be surprised how money comes when you need it. My dad always told us this and it has always worked. IMO it's worth having a house Good Luck
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| Posted 11/3/06 5:33 AM |
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sunnyplus3
:)
Member since 11/05 8749 total posts
Name:
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Re: Being housepoor?
I don't feel comfortable being housepoor....we had a big emergancy expense come up at the end of our first year in the house & because we don't want to touch our equity we had to bust A$$ to come up with the money. If we had chosen a home for the amount we qualified for( 150k more) we would have been screwed or sucking or equity out.
You have to do what feels right, congrats on your new home!
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| Posted 11/3/06 6:56 AM |
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2PreciousBlessings
The Perfect Pair
Member since 5/06 19861 total posts
Name:
Best Wife & Mommy
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Re: Being housepoor?
Posted by MrsBlueSash
I think there a fine line in housepoor. Its ok to be poor because you want to be in that house, but if you don't have some sort of risk mitigation plan in case one of you is laid off, hurt, etc, and you could go into foreclosure because you are too housepoor, than I'm not sure that's worth it.
Well said!!! I agree!!
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| Posted 11/3/06 6:58 AM |
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jennandrob
mom of two!
Member since 5/05 4368 total posts
Name:
Jenn
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Re: Being housepoor?
Posted by mommy2bellabean
Posted by Beth1210
Posted by mommy2bellabean
I know, it's just the whole job freelancing thing that scares me
are you going to be 1099 instead of W2? b/c you will be able to write off so much- besides the house
I wouldn't even know where to start with that...
Congrats Kelly!!
I used to freelance, and you'd be surprised what you can write off as a business expense.
Best of luck in your new home!
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| Posted 11/3/06 8:06 AM |
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